Put your VA benefit to work for your and your family!
Most VETERAN'S do not realize they can own more than one home with their VA eligibility at the same time. Years ago that was not the case but rules change. It is a case by case basis and a good lender can determine the loan amount you qualify for.
- Do you own a home now and would like to buy another?
- Is your present home rented at a previous duty station or do you intend to rent your present home?
If the answer is YES then you may qualify for another VA loan.
Step 1 -Go to the VA web site and pull your eligibility a copy of your certificate.
Request Your VA Eligibilty certificate
Step 2 - Next you will need to get in touch with a local lender where ever you intend to relocate. The loan officer will then compute the maximum VA loan you can qualify for based on what remaining eligibility you have. They will compare it to the maximum VA loan allowed for the area you want to buy your next home. Here in Woodbridge, Virginia you can buy up to $692,500 plus your funding fee as long as you have the income and credit score to support the loan you are requesting. In Woodbridge Virginia I would recommend Markita Woods with Weststar Mortgage she is a master at VA Loans! your lender will provide you with a pre-approval letter which is like money in the bank!
(Word of caution you can use USAA we all use them for our cars and insurance. I have found a Local Lender will be available to guide you every step of the way. You can even have their cell phone on speed dial something you cannot get with USAA.)
Step 3 - Next you will need to have a few thousand dollars available for a contract Deposit. If you have it in a savings account just know we can just use it to secure the contract and make sure you get it back when you close on the home.This needs
Step 4 -Your next step will be to align yourself with an experienced Buyer Agent. Not all agents understand how to maximize your VA Loan to your benefit. Once you have found and agent it will be time meet with them in person to discuss our specific situation and determine your needs, wants and your budget based on your lender letter. Word of caution just because you qualify for a certain amount does not mean you want to spend that much. Make sure you discuss this with your agent your comfort level for a month payment.
I find so many military folks do not know all the benefits of their VA loan and yet this is by far your best benefit of your military service? Typically a military buyer will pay significantly less monthly using their VA loan than someone who is non-military for the exact same home!
I bet you did not realize that!
Also as a Veteran your rent on your present home counts as incometo offset the mortgage payment so it in most cases it is a wash as if you did not have that payment. That is not the case with other types of home loans. For others they must qualify with their present mortgage payment being counted as a debt just like a car payment even if it is rented. For many that prevents them from moving forward.
Needless to say this is a huge benefit to a Veteran!
Typically the next question is...
"Can I really buy a home with Zero Down with my VA Loan?"
and the answer is YES!
You will need to be prepared to pay for closing costs.This typically runs about 2.5% of the sales price of the home. You will have two ways of handling the closing costs. You can ask the seller to pay them. If the seller can not or will not pay all the closing costs no problem we can show you how you can cover them without coming up with money out of your pocket. We just need to lay out a plan of action before house hunting that meets your budget and out of pocket goals.
I have helped many military folks buy using their VA without coming up with a large down payment. You do need to be prepared to put a deposit down to have your offer considered and hopefully accepted when you make an offer. Much the same as if you were putting a security deposit down on a rental. The difference is when you close on your home you can get the deposit back as long as we know this is your intention before we start the process of negotiation and loan application.
I am a Military Buyer Specialist and I would be honored to help you find a new place to call home here in Woodbridge, Virginia and surrounding communities.
So what are you waiting Call or Text Patty today at 703-801-9367 and let's find you a new place to call home.
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